Because of the coronavirus outbreak, The Financial Conduct Authority has put together some important information on their website. We’d recommend you read this before making any decisions at the moment.
If you’re over 55 (proposed to increase to 57 from 2028), and have less than £10,000 saved in your pension pot when you choose to access it, you may be able to take it as a ‘small pot lump sum’.
Before you’re able to claim your money, all contributions into your pension pot must have stopped. You’ll need to let your employer know you’d like to leave the pension scheme before you start claiming your pension.
If contributions have stopped and your employer has confirmed this to us, you can start a claim from your pension fund through your Online Account. You’ll see the option is greyed out if we’re still waiting for contributions from your employer.